This week, Indian startups have secured a total of $174 million in funding

In April, the Indian startup ecosystem witnessed a disappointing fundraising month. However, the month of May started on a slightly positive note with Indian startups collectively raising $174 Mn across 19 deals from May 1 to May 5, 2023.

This week’s funding is a substantial 324% increase from the previous week when Indian startups raised only $41 Mn across 16 deals. Moreover, this week’s funding is a further 159% higher than the $67.2 Mn raised by nine startups between April 17 and April 22, 2023.

One of the significant funding rounds was secured by electric mobility startup BluSmart, which raised $42 Mn in a combination of equity and debt funding round from BP Ventures.

In another notable development, SaaS unicorn Mindtickle acquired Enable Us to provide personalized content experiences. Overall, the Indian startup ecosystem’s funding in the first week of May is comparatively higher than the previous weeks, signifying renewed investor confidence in Indian startups.

Key Transactions:
  • BluSmart Mobility, a company focused on mobility solutions, secured $42 million in funding from BP Ventures and the founding team.
  • Ace Turtle, a technology startup, raised $34 million from Vertex Growth, SBI Investment Co Ltd, Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital.
  • Pando, a supply chain software platform, received $30 million in funding from a group of investors including Iron Pillar, Uncorrelated Ventures, Nexus Venture Partners, Chiratae Ventures, and Next47.
  • THB, an enterprise healthcare SaaS startup, raised $20 million from Filter Capital and Edelweiss Discovery Fund Series-I, among other investors.
  • Pocket FM, an audio OTT startup, secured $16 million in debt funding from Silicon Valley Bank.
  • ZestIoT, a technology startup, raised $6.5 million in a Series A funding round led by IvyCap Ventures and Loyal VC.
  • Kiwi, a credit card platform, received $6 million in funding from Nexus Venture Partners, Stellaris Venture Partners, and angel investors.
  • Beyoung, a fashion ecommerce brand based in Udaipur, raised Rs 40 crore ($4.8 million approx) from Klub, a revenue-based financing startup.
  •, a proptech startup, secured Rs 45 crore ($5.5 million approx) in funding from ICICI Bank and Baring Private Equity Partners.

(With Input from Inc42)

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